National Health Investors (NHI) is a self-managed real estate investment trust (REIT) specializing in senior housing and medical facility investments. The company operates through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP). Annualized adjusted Net Operating Income (NOI) for contracts in place at December 31, 2025, was $312.7 million. The total portfolio's trailing twelve months (T12) EBITDARM coverage was 1.59x, with Senior Housing at 1.49x and Medical Facilities at 1.90x. Total portfolio occupancy for the T12 period was 86.5%, comprising 86.3% for Senior Housing and 86.8% for Medical Facilities. The company maintains a strong balance sheet with Net Debt to Adjusted EBITDA at 4.9x and Fixed Charge Coverage at 4.0x. Revolver liquidity stands at $500 million as of December 31, 2025. Investment structure is diversified with 84.4% in Leases, 9.3% in SHOP, and 6.2% in Notes. Recent investments include the acquisition of a 251-unit Continuing Care Retirement Community (CCRC) in October 2025.